The market gaped down to a prior major support area to open at 76.34 then rallied into 9:50 am reversal time setting the high of the morning @ 76.57 an area of major resistance. The QQQ triggered a beautiful sell that I just had to take as my mouth was salivating as price fell in a flurry. First target was the prior low @ 76.31 and my longer target was @ 75.77. My first target was hit easily and I covered 1/3rd of my shares short. I covered another 1/3rd into the whole number @ 76.00. Then price action put in a GBI on the 5 minute chart, again I was salivating at the chance of a measured move lower. I shorted more shares and brought my stop to the high of this small range green bar. Soon price just dropped to .87 cents where I covered 1/2 of my lot and waited for more. As price kept hitting .87, I kept offering out shares at this low area and once I had a 5 minute bar by bar break of a prior red bar, I trailed out of the play. I was able to slice out 2 “R”isk units of profit on this nice 4 1/2 “R” move lower in the QQQ.
QQQ 08072013